The digital currency market has been in the news for some days now. This is as a result of the announcement made by William Hinman – a top US Securities and Exchange Commission official. Hinman, on the 14th of June, announced that the two most valuable digital currencies based on market cap – Bitcoin (BTC) and Ethereum (ETH) are not securities.
Nevertheless, there are no words regarding other digital currencies. This has caused a slight increase in the value of the BTC and ETH. Other altcoins also experienced the wave of increase, and Litecoin wasn’t left out, but it’s still facing resistance at the $100 level.
Litecoin Price Today: Current Price of LTC [ccpw id=”9805”]
At the time of writing, Litecoin (LTC) is trading at $98.58 after an increase of 2 percent in the last twenty-four hours. The digital currency is ranked 6th with a market cap of $5.63 billion and a trading volume of $354.56 million in the last twenty-four hours.
Long-Term Price Analysis of Litecoin (LTC)
The market value of Litecoin (LTC) decreased against the value of the U.S. dollar. The LTC/USD pair was conspicuously in a raging outlook all through last week. Just like other digital currencies, Litecoin (LTC) also experienced a significant decline in its value on the 10th of June.
The decline broke the accumulation zone of $100 of last week, towards the $90 accumulation zone. The bears have succeeded in pushing the market beneath the strong accumulation zone of $100 as the bulls weren’t able to grab the market advantage.
The 13-day simple moving average is beneath the 50-day simple moving average. The price action is presently averaging beneath the accumulation zone of $100 of last week. The Stochastic Oscillators have also moved beneath the range 20.
The digital currency might start to experience a series of both short bearish and bullish Japanese candlesticks close to the accumulation areas of $100 and $80. Buyers can wait for the reversal of the bearish price action before taking long entries.